Gulf Navigation off course after oil tanker seized in Rotterdam | The National

Gulf Navigation off course after oil tanker seized in Rotterdam | The National:

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The very large crude carrier Gulf Sheba sits at Rotterdam after being arrested while
 unloading its crude cargo. Courtesy Rob Hendriks
 

Gulf Navigation has sailed into choppy waters, with one of its oil tankers forced to remain at anchor in Rotterdam pending its sale, under instruction from disgruntled creditors.

The Dubai-based company said on Monday that the Gulf Sheba had been arrested in the Dutch port while unloading its crude cargo. The arrest notice was served by the Norwegian bank DNB, an agent of the lenders for Gulf Sheba Corporation, a Gulf Navigation subsidiary, for default in repayment of interest and principal towards the end of July.

Gulf Navigation yesterday said it would hold a meeting of its board of directors on Friday to review the situation and to call an extraordinary general meeting for necessary shareholder approvals, giving no further details."

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